The 70% club

LittleMissAspie

silvercar wrote: »

Its the low interest rates that will help property prices from free falling. Once it becomes cheaper to buy than rent, people will hurry to buy again.

Not if they don't have the 15% deposit they need. How many average FTBs have a 24k deposit for the average house? The interest rate is irrelevant if you can't actually get a mortgage.

IveSeenTheLight

dopester wrote: »

Are you out of your mind?

No. You are definitely confusing me with someone - although I see what you are trying to do. Nice try.

Wasn't trying to do anything. It was a genuine question
I don't keep track of everyones posts all the time.
I seem to recall it was brought up before but didn't recall an answer.

Thanks for clarifying though

IveSeenTheLight

dopester wrote: »

Sorry. I forgot, and didn't mean to bring about conflict.

Here you go:

6th May 2008

Ok you said

...but perhaps more realistic than some of the optimistic "15% crash maximum*", or "gentle slowdown", or "green-shoots - recovery coming" posts of others.

*As was ISTL's forecast back at the start of May.

directly quoting me as saying my forecast is 15% crash maximum.

while the post you refer me a forecasting this was

I'm wondering looking at the average actual house prices and their drops durin gthe last crash if there will only be a nominal small drops around a lot of the country (say 10 - 15%) with London experiencing slightly higher and more prolonged drops (as shown during the last crash) thus skewing the UK average by an even higher percentage

try reading it again. I never forecast anything.
I said in discussion I was wondering ....... IF there will be nominal small drops around a lot of the country (say 10 - 15%)......... thus skewing the UK average by an even higher percentage

Nowhere, did I say I forecast average UK drops of 15% maximum in this post

MrDT

IveSeenTheLight wrote: »

Wasn't trying to do anything. It was a genuine question
I don't keep track of everyones posts all the time.
I seem to recall it was brought up before but didn't recall an answer.

Thanks for clarifying though

I think you're mistaking dopester for zammo, the chap with that 'tucker from grange hill' avatar.

IveSeenTheLight

MrDT wrote: »

I think you're mistaking dopester for zammo, the chap with that 'tucker from grange hill' avatar.

Thanks, I couldn't remember, hence why I asked.
Irrelevant really anyway

adr0ck

LittleMissAspie wrote: »

Not if they don't have the 15% deposit they need. How many average FTBs have a 24k deposit for the average house? The interest rate is irrelevant if you can't actually get a mortgage.

if were talking 70% drop then you will just be able to get the deposit on a credit card

heck get 6-7 credit cards and you could buy the house out right

on 0% hey that really would be moneysaving

dopester

IveSeenTheLight wrote: »

try reading it again. I never forecast anything.
I said in discussion I was wondering ....... IF there will be nominal small drops around a lot of the country (say 10 - 15%)......... thus skewing the UK average by an even higher percentage

Nowhere, did I say I forecast average UK drops of 15% maximum in this post

OK sorry for misinterpreting you.

Would you care to give a forecast?

dopester

adr0ck wrote: »

if were talking 70% drop then you will just be able to get the deposit on a credit card

heck get 6-7 credit cards and you could buy the house out right

on 0% hey that really would be moneysaving

If you have existing debts that you are full out on trying to pay, such as a mortgage and unsecured debt - or if you have been made unemployed or taken a pay-cut, you are unlikely to get the credit to buy.

adr0ck

dopester wrote: »

If you have existing debts that you are full out on trying to pay, such as a mortgage and unsecured debt - or if you have been made unemployed or taken a pay-cut, you are unlikely to get the credit to buy.

true

but there will still be millions of people in jobs who could take out credit cards to buy homes if prices fall 70%

i would be buying quite a few myself if that was the case

you would be a fool not to

IveSeenTheLight

dopester wrote: »

OK sorry for misinterpreting you.

Would you care to give a forecast?

Thanks dopester, this was the sort of thing that annoyed me when you miss interpreted myself.
Hopefully we can move on and debate well.

As for a forecast, who the fxxk knows? .

I don't have a pair of crystal balls and even those that are paid to do so can be shown to be incorrect.
Bit like weather prediction of the past

I do think I said something along the lines that I thought the UK average house price should drop to circa £150k in line with the long term trend but given the previous historic stats, that there would likely be an overshoot

All anyone do can look at their own personal situation and make a decision on that basis